Stablecoin payments firm Rain raises $250 million…valued at $1.95 billion

Rain, which provides stablecoin (crypto assets pegged to the value of fiat currencies) payment services, is reported to have recently secured a major fundraising round.

According to Bloomberg on the 9th (Korea time), Rain said it has completed a $250 million financing. The round was led by ICONIQ, with participation from Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Lightspeed and Galaxy Ventures, among others.

With this deal, Rain’s total funding has surpassed $338 million. The round also valued the company at $1.95 billion (about 2.6 trillion won).

Rain plans to use the proceeds to expand in global markets including North America, South America, Europe, Asia and Africa. It also intends to deploy capital toward obtaining licenses and approvals and working with regulators to respond to changes in regulatory regimes across countries.

Farooq Malik, Rain’s co-founder and chief executive officer (CEO), said, “Countries are entering a phase of establishing regulations and guidelines for stablecoins, blockchain, custody and wallet infrastructure,” adding, “This fundraising will help strengthen our regulatory readiness to support global expansion.”